Another local bank, Bank M, also plans to list at DSE. Jacqueline Woiso, Senior Vice President & Deputy Chief Executive Officer mentioned the bank’s intention during the presentation of the latest financial results.

She also indicated that the bank has already started procedures to issue the IPO, in a bid to raise additional capital of TZS50b.

Mucoba is licensed to provide all normal commercial banking services but its main focus is on organized grassroots economic groups that have been largely under-banked.

This includes individuals running Small and Medium Enterprises (SMEs) in Mafinga and neighboring districts of Iringa region as well as other regions in Tanzania.